SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
April 16, 2001
Date of Report (Date of earliest event reported)
AGCO CORPORATION
(Exact name of registrant as specified in its charter)
| Delaware | 1-12930 | 58-1960019 | ||||
| (State of incorporation) | (Commission file number) | (I.R.S. Employer Identification No.) | ||||
| 4205 River Green Parkway | ||||||
| Duluth, Georgia 30096 | ||||||
| (Address of principal executive | ||||||
| offices including zip code) | ||||||
(770) 813-9200
(Registrant’s telephone number, including area code)
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Exhibits
| 99.1 | Certain Financial Information |
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SIGNATURES
Pursuant to the requirements Section 12 of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AGCO Corporation | ||||||||
| By: /s/ Stephen Lupton | ||||||||
| Dated: April 16, 2001 | ||||||||
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Exhibit 99.1
Set forth below are certain unaudited financial information for AGCO Corporation and its subsidiaries. The references in these financial statements to “Subsidiary Guarantors” is a reference to the direct and indirect subsidiaries of AGCO as of December 31, 2000, that are expected to be guarantors of the indebtedness that AGCO contemplates incurring under an Indenture to be dated as of April 17, 2001, in connection with its issuance of $250,000,000 original principal amount Senior Notes. As of December 31, 2000, after giving pro forma effect to the acquisition of Ag-Chem, the total assets of each of AGCO, the guarantors and the non-guarantor subsidiaries were $1,668.2 million, $437.1 million and $1,558.8 million, respectively. As of December 31, 2000, after giving pro forma effect to the acquisition of Ag-Chem, the total liabilities of each of AGCO, the guarantors and the non-guarantor subsidiaries were $783.1 million $146.7 million, and $809.9 million, respectively. The pro forma total assets and total liabilities include total assets and total liabilities of Ag-Chem's non-guarantor foreign subsidiaries, which as of September 30, 2000, were $12.7 million and $12.1 million, respectively. This financial information does not include footnotes and should be read in conjunction with the financial statements and footnotes included in AGCO’s Form 10-K for the year ended December 31, 2000, File No. 1-12930, which is incorporated herein by reference.
AGCO Corporation
Condensed Consolidating Balance Sheet
As of December 31, 2000
(Unaudited and in millions)
| Parent | Subsidiary | Subsidiary | Eliminating | |||||||||||||||||||
| Company | Guarantors | Non-guarantors | Entries | Consolidated | ||||||||||||||||||
ASSETS |
||||||||||||||||||||||
Current Assets: |
||||||||||||||||||||||
Cash and cash equivalents |
$ | — | $ | 0.1 | $ | 13.2 | $ | — | $ | 13.3 | ||||||||||||
Accounts and notes receivables, net |
122.1 | 1.5 | 468.9 | — | 592.5 | |||||||||||||||||
Receivables from subsidiaries and affiliates |
105.7 | — | 153.7 | (249.0 | ) | 10.4 | ||||||||||||||||
Inventories, net |
191.8 | 26.0 | 319.3 | (6.0 | ) | 531.1 | ||||||||||||||||
Other current assets |
43.8 | 2.7 | 45.2 | 1.3 | 93.0 | |||||||||||||||||
Total current assets |
463.4 | 30.3 | 1,000.3 | (253.7 | ) | 1,240.3 | ||||||||||||||||
Property, plant and equipment, net |
18.9 | 39.6 | 257.7 | — | 316.2 | |||||||||||||||||
Investment in unconsolidated subsidiaries and affiliates |
748.5 | — | 84.9 | (748.1 | ) | 85.3 | ||||||||||||||||
Other assets |
108.2 | — | 67.8 | — | 176.0 | |||||||||||||||||
Intangible assets, net |
37.7 | — | 248.7 | — | 286.4 | |||||||||||||||||
Total assets |
$ | 1,376.7 | $ | 69.9 | $ | 1,659.4 | $ | (1,001.8 | ) | $ | 2,104.2 | |||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||||||||||||||||||||
Current Liabilities: |
||||||||||||||||||||||
Accounts payable |
$ | 42.8 | $ | 11.1 | $ | 190.5 | $ | — | $ | 244.4 | ||||||||||||
Payables to subsidiaries and affiliates |
79.9 | 45.1 | 124.0 | (249.0 | ) | — | ||||||||||||||||
Accrued expenses |
108.6 | 7.1 | 241.9 | — | 357.6 | |||||||||||||||||
Other current liabilities |
12.9 | — | 21.5 | — | 34.4 | |||||||||||||||||
Total current liabilities |
244.2 | 63.3 | 577.9 | (249.0 | ) | 636.4 | ||||||||||||||||
Long-term debt |
302.3 | 0.8 | 267.1 | — | 570.2 | |||||||||||||||||
Postretirement health care benefits |
23.9 | 3.6 | — | — | 27.5 | |||||||||||||||||
Other noncurrent liabilities |
16.4 | — | 63.8 | — | 80.2 | |||||||||||||||||
Total liabilities |
586.8 | 67.7 | 908.8 | (249.0 | ) | 1,314.3 | ||||||||||||||||
Total stockholders’ equity |
789.9 | 2.2 | 750.6 | (752.8 | ) | 789.9 | ||||||||||||||||
Total liabilities and stockholders’ equity |
$ | 1,376.7 | $ | 69.9 | $ | 1,659.4 | $ | (1,001.8 | ) | $ | 2,104.2 | |||||||||||
AGCO Corporation
| Parent | Subsidiary | Subsidiary | Eliminating | ||||||||||||||||||
| Company | Guarantors | Non-guarantors | Entries | Consolidated | |||||||||||||||||
|
Net sales
|
$ | 648.1 | $ | 80.8 | $ | 1,925.6 | $ | (318.4 | ) | $ | 2,336.1 | ||||||||||
|
Cost of sales
|
581.1 | 78.7 | 1,618.1 | (318.4 | ) | 1,959.5 | |||||||||||||||
|
Gross profit
|
67.0 | 2.1 | 307.5 | — | 376.6 | ||||||||||||||||
|
Selling, general and administrative expenses
|
93.1 | 0.9 | 134.2 | — | 228.2 | ||||||||||||||||
|
Engineering expenses
|
8.3 | 4.8 | 32.5 | — | 45.6 | ||||||||||||||||
|
Restructuring and other infrequent expenses
|
15.9 | 7.2 | (1.2 | ) | — | 21.9 | |||||||||||||||
|
Amortization of intangibles
|
6.1 | — | 9.0 | — | 15.1 | ||||||||||||||||
|
Income (loss) from operations
|
(56.4 | ) | (10.8 | ) | 133.0 | — | 65.8 | ||||||||||||||
|
Interest expense, net
|
29.3 | (0.1 | ) | 17.4 | — | 46.6 | |||||||||||||||
|
Other expense, net
|
19.2 | 0.1 | 13.8 | — | 33.1 | ||||||||||||||||
|
Income (loss) before income taxes and equity in net earnings of
unconsolidated subsidiaries and affiliates
|
(104.9 | ) | (10.8 | ) | 101.8 | — | (13.9 | ) | |||||||||||||
|
Income tax expense (benefit)
|
(45.7 | ) | — | 38.1 | — | (7.6 | ) | ||||||||||||||
|
Income (loss) before equity in net earnings of unconsolidated
subsidiaries and affiliates
|
(59.2 | ) | (10.8 | ) | 63.7 | — | (6.3 | ) | |||||||||||||
|
Equity in net earnings of unconsolidated subsidiaries and
affiliates
|
62.7 | — | 4.7 | (57.6 | ) | 9.8 | |||||||||||||||
|
Net income (loss)
|
$ | 3.5 | $ | (10.8 | ) | $ | 68.4 | $ | (57.6 | ) | $ | 3.5 | |||||||||